Jump to content

£50 Billion In UK banknotes Is 'Missing'. Demand For CASH MONEY Has Skyrocketed In Many Advanced Economics Since The Start Of The Pandemic.


Recommended Posts

 

I cannot stand CNN as a news and opinion source, but that's where I saw this:

 

https://edition.cnn.com/2020/12/04/business/missing-cash-bank-of-england-50-billion/index.html

 

 

Quote

Here's a head-scratcher: The use of cash has been declining for years in Britain, but demand for banknotes is skyrocketing. Nobody is quite sure where the money is going.

 

A group of UK lawmakers said on Friday as much as £50 billion ($67.4 billion) in cash was "missing," and it urged the Bank of England to investigate.
 
The money is "stashed somewhere but the Bank of England doesn't know where, who by or what for — and doesn't seem very curious," Meg Hillier, chair of the House of Commons Public Accounts Committee (PAC), which oversees government finances, said in a statement. "It needs to be more concerned about where the missing £50 billion is," she added.
 
The Bank of England immediately pushed back. "Members of the public do not have to explain to the Bank why they wish to hold banknotes. This means that banknotes are not missing," a spokesperson said in a statement, adding that the central bank would continue to meet public demand for notes.
 
Despite the increased use of digital payments, demand for cash has risen in most advanced economies since the global financial crisis, according to a 2018 report by the Bank for International Settlements. This has been partly driven by lower interest rates, the report said, which have diminished returns on savings held with banks.
 

 

Link to post
Share on other sites

This echos the same theme as when the CIA lost 21 trillion in US tax money. In an age where all electronic money transfers can be tracked, it doesn't make much sense how money can disappear without a trace to where it has gone. Big money transfers would stand out straight away.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...